Amphenol Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Amphenol Corporation filed its 2023 10-K report detailing financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

AMPHENOL CORP /DE/ (APH) filed a Annual Report (10-K) with the SEC on February 7, 2024. Amphenol Corporation filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is in Electronic Connectors, SIC code 3678. Amphenol Corporation is incorporated in Delaware (DE) with its principal executive offices in Wallingford, CT. The report includes financial data for the fiscal years ending December 31, 2023, 2022, 2021, and 2020.

Why It Matters

For investors and stakeholders tracking AMPHENOL CORP /DE/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Amphenol's financial health, operational performance, and strategic positioning for the fiscal year 2023, crucial for investors and stakeholders to assess the company's trajectory. The detailed financial statements and risk factors within the report offer insights into the company's ability to navigate market dynamics and maintain its competitive edge in the electronic connectors industry.

Risk Assessment

Risk Level: medium — AMPHENOL CORP /DE/ shows moderate risk based on this filing. The company operates in the electronic connectors industry, which is subject to rapid technological changes and intense competition, potentially impacting its market share and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Amphenol's performance and outlook in the electronic components market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-07 — Filing Date (Date of submission)
• 3678 — SIC Code (Electronic Connectors industry)

Key Players & Entities

• AMPHENOL CORP /DE/ (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-07 (date) — Filing date
• 3678 (other) — Standard Industrial Classification
• DE (other) — State of incorporation
• CT (other) — State of business address
• 2032658900 (other) — Business phone number

FAQ

Industry Context

Amphenol Corporation operates in the electronic components industry, specifically focusing on the design, manufacture, and marketing of interconnect products.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Review Amphenol's 2023 financial statements for revenue, net income, and EPS trends.
2. Analyze the risk factors section for potential challenges in the electronic components market.
3. Examine management's discussion and analysis for strategic insights and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-07: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, providing the latest annual financial and operational data for Amphenol Corporation.

Key Financial Figures

• $0.001 — hich registered Class A Common Stock, $0.001 par value APH New York Stock Exchan
• $235 billion — sor-related products were approximately $235 billion in 2023. Certain predecessor business
• $970 million — 023, the Company invested approximately $970 million to fund 10 acquisitions, while in 2022,
• $288 million — 022, the Company invested approximately $288 million to fund two acquisitions. Our acquisiti

Filing Documents

• aph-20231231x10k.htm (10-K) — 4905KB
• aph-20231231xex4d11.htm (EX-4.11) — 21KB
• aph-20231231xex10d24.htm (EX-10.24) — 15KB
• aph-20231231xex10d28.htm (EX-10.28) — 52KB
• aph-20231231xex21d1.htm (EX-21.1) — 397KB
• aph-20231231xex23d1.htm (EX-23.1) — 7KB
• aph-20231231xex31d1.htm (EX-31.1) — 12KB
• aph-20231231xex31d2.htm (EX-31.2) — 13KB
• aph-20231231xex32d1.htm (EX-32.1) — 8KB
• aph-20231231xex32d2.htm (EX-32.2) — 8KB
• aph-20231231xex97d1.htm (EX-97.1) — 50KB
• aph-20231231x10k001.jpg (GRAPHIC) — 5KB
• aph-20231231x10k002.jpg (GRAPHIC) — 56KB
• 0001558370-24-000866.txt (&nbsp;) — 22081KB
• aph-20231231.xsd (EX-101.SCH) — 85KB
• aph-20231231_cal.xml (EX-101.CAL) — 114KB
• aph-20231231_def.xml (EX-101.DEF) — 456KB
• aph-20231231_lab.xml (EX-101.LAB) — 883KB
• aph-20231231_pre.xml (EX-101.PRE) — 737KB
• aph-20231231x10k_htm.xml (XML) — 5366KB

Business

Business 2 General 2 Reportable Business Segments 2 Our Strategy 4 Markets 5 Customers and Geographies 7 Manufacturing 7 Research and Development 8 Intellectual Property 8 Raw Materials 9 Competition 9 Backlog and Seasonality 9 Environmental Matters 9 Government Regulation 10 Environmental, Social and Corporate Governance 10 Sustainability Report 10 Human Capital Management and Our Culture 11 Available Information 12 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 21 Item 1C. Cybersecurity 22 Item 2.

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. [Reserved] 25 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 48 Report of Independent Registered Public Accounting Firm 48 Consolidated Statements of Income 50 Consolidated Statements of Comprehensive Income 51 Consolidated Balance Sheets 52 Consolidated Statements of Changes in Equity 53 Consolidated Statements of Cash Flow 54

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 55 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 92 Item 9A.

Controls and Procedures

Controls and Procedures 92 Item 9B. Other Information 92 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 92 PART III Item 10. Directors, Executive Officers and Corporate Governance 93 Item 11.

Executive Compensation

Executive Compensation 93 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 93 Item 13. Certain Relationships and Related Transactions, and Director Independence 94 Item 14. Principal Accountant Fees and Services 94 PART IV Item 15. Exhibit and Financial Statement Schedules 95 Item 16. Form 10-K Summary 97

Signatures

Signatures 99 1 Table of Contents Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K ("Annual Report") includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements are based on our management's assumptions and beliefs about future events or circumstances using information currently available, and as a result, they are subject to risks and uncertainties. Forward-looking statements address events or developments that Amphenol Corporation (together with its subsidiaries, "Amphenol," the "Company," "we," "our," or "us") expects or believes may or will occur in the future. These forward-looking statements, which address the Company's expected business and financial performance and financial condition, among other matters, may contain words and terms such as: "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "look ahead," "may," "ongoing," "optimistic," "plan," "potential," "predict," "project," "seek," "should," "target," "will" or "would" and other words and terms of similar meaning. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about expected earnings, revenues, growth, liquidity, effective tax rate, interest rates or other matters. Although the Company believes the expectations reflected in all forward-looking statements are based upon reasonable assumptions, the expectations may not be attained or there may be material deviation. Readers and investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. There are risks and uncertainties that could cause actual results to dif

Business

Item 1. Business General Amphenol Corporation is one of the world's largest designers, manufacturers and marketers of electrical, electronic and fiber optic connectors and interconnect systems, antennas, sensors and sensor-based products and coaxial and high-speed specialty cable. The Company estimates, based on recent reports of industry analysts, that worldwide sales of interconnect and sensor-related products were approximately $235 billion in 2023. Certain predecessor businesses of the Company were founded in 1932, and the Company was incorporated under the laws of the State of Delaware in 1986. The Company's Class A Common Stock ("Common Stock") began trading on the New York Stock Exchange in 1991. Reportable Business Segments The Company's strategy is to provide our customers with comprehensive design capabilities, a broad selection of products and a high level of quality and service on a worldwide basis, while maintaining continuing programs of productivity improvement and cost control. The Company aligns its businesses into three reportable business segments: (i) Harsh Environment Solutions , (ii) Communications Solutions and (iii) Interconnect and Sensor Systems . This alignment reinforces the Company's entrepreneurial culture and the clear accountability of each of our business unit general managers, while enhancing the scalability of Amphenol's business for the future. The Company has three segment managers who lead their respective reportable business segments, each reporting directly to the Company's Chief Executive Officer. All segment information throughout this Annual Report is presented under our three reportable segments . 2 Table of Contents A description of each of our reportable business segments is as follows: Harsh Environment Solutions – the Harsh Environment Solutions segment designs, manufactures and markets a broad range of ruggedized interconnect products, including connectors and interconnect systems, printed circuits and